Quick Summary: Kraken is one of the oldest crypto exchanges in the market. It has a lot to offer in terms of services, cheap costs, a simple user interface, and high liquidity. However, because it does not allow bank card deposits (except in the US), it is not the ideal choice if you’re looking to make a quick crypto purchase. Kraken is a top-tier exchange with some of the greatest security measures in the sector, so if you don’t mind going through all the rigorous KYC requirements, it’s undoubtedly a terrific exchange to have as an option.
Kraken Pros:
- High security
- Simple interface for both beginners and professional traders
- Offers a variety of more than 200 cryptocurrencies
- Low fees
Kraken Cons:
- Credit/Debit cards only supported for US residents
- No call services as support
- No regular promotions discounts
What is Kraken?
Kraken is one of the biggest and most established exchanges in the world. It was established in 2011 and debuted in 2013. And it has been focused on security since the beginning. It speaks for itself that it hasn’t been hacked in nine years. The American exchange has constantly dominated its sector in terms of security. It enjoys a high level of security and stability.
- Established: 2011
- Parent company: Payward Inc.
- Valuation: $10.8 billion US (as of mid 2022)
How many platforms does Kraken have?
There are two platforms on Kraken:
- Kraken
- Kraken pro
The normal Kraken platform is for those who need to transact quickly and for those who are new to cryptocurrency and are not accustomed to professional trading and charting. Ignoring technical analysis, this platform is ideal for exchanging cryptocurrencies and carrying out swift transactions. However, it is important to note that the fees here are higher.
Kraken Pro raises the bar for cryptocurrency trading. It has a trading station where users may view the order book, trade history, technical chart of the cryptocurrency pair, and most recent fills. Users can also trade futures, leveraged spot assets, and place limit orders.
How many cryptos are supported on Kraken?
Kraken currently lists more than 200 cryptocurrencies on its platforms. The crypto pairs however are around 700.
What are the fees on Kraken?
One of Kraken’s major attractions is its low fees. Except for the deposit and withdrawal fees, all costs are assessed per trade. Based on the cryptocurrencies being traded and the volume a user has exchanged over the last 30 days, Kraken applies a standard maker-taker fee schedule.
There are 4 categories for trading fees as follows:
- Regular trading fees
- Stablecoin trading fees
- Dark pool trading fees
- Margin trading fees
For customers that trade more than USD 10,000,000 per month, trading costs can be as low as 0.00% (maker) and 0.10% (taker), which are the regular ranges for makers and takers.
What Services are Offered on Kraken?
Kraken offers a wide variety of services on its platform to individuals. Here’s an extensive list that encompasses all the services offered on the platform:
- Buying & selling crypto spot with margin trading
- Staking crypto (from a limited list)
- NFTs (coming soon)
- Futures trading
- Crypto Learning through Kraken Academy
How Secure is Kraken?
Kraken claims it is not qualified for deposit insurance, in contrast to certain other exchanges that have insurance to safeguard funds deposited on their platform. However, the business asserts that it has taken extreme measures to protect clients from cyberattacks. Notably, it claims to keep 95% of deposits offline and maintain sufficient reserves for free withdrawals.
In general, Kraken stresses that it does not see itself as a substitute for digital wallet services and that its service enables customers to utilize their own wallets when their assets are not housed on the platform. Industry standards are also applied such as 2FA, master account lock, and PGP/GPG encryption for emails.
Is Kraken Support Good?
Kraken has a relatively low score when it comes to support. On TrustPilot, the company has a rating of 2.2 out of 5 stars based on more than 1,865 reviews. Most comments were based on bad referral program payouts and lack of transparency when it comes to supporting cases.
How to Open an Account on Kraken – GUIDE
Ready up your documents for your starter account
- A government-issued photo ID
- A computer or smartphone connected to the internet with a front camera
- A phone number connected to your smartphone (optional)
- A Physical address verification document
Create an Account
- Go to the Kraken website and click to register a new account
- You’ll be asked for the following information
- Email address (use one that you have access to)
- Password (memorize your password)
- Referral ID (you can add ours: 36800513)
- Check the box and click Create account
- Kraken will send you a verification email to your registered email address. Click on the confirmation link in that email. Once clicked, confirm your password, complete the captcha if asked and click the Activate Account button.
Pass the KYC by verifying your Identity
From your profile, go to the “Get Verified” tab. You’ll have the option to select the verification tier you require.
The lower the tier, the lower the account volumes allowed per month, but also the fewer requirements you’ll go through. Choose the tier you’d like and submit the required documents accordingly.
How to Buy Crypto on Kraken
Fund your Kraken Account
You can fund your Kraken account using two methods:
- Crypto funding
- Bank transfer
If you choose to fund with crypto, go to your portfolio, and click on the “Deposit” Button. Choose your cryptocurrency, copy the address and make sure to send those cryptocurrencies with the correct network.
If you’d like to fund via a bank transfer, instead of choosing a cryptocurrency, choose the fiat currency you’d like to fund your account with. You’ll then be able to see the specific method and the transfer details.
Buy Crypto on Kraken
Now that you have a funded Kraken account, you can choose to purchase crypto. For a quick purchase, simply go to the “Trade” tab and look for the crypto pair you’d like to trade, and go to “New Order”.
From there, you’ll click on trade, and select the amount you’d like to trade. You’ll see in real-time the price you pay and the price you get. You can even skip the confirmation page for faster purchases.
Conclusion
For crypto traders and investors seeking for a new exchange, Kraken is an excellent option due to its price and functionality. Low Kraken Pro fees, big staking rewards, and futures markets are all attractions.
Overall, Kraken is a wise choice for buying, selling, and investing in cryptocurrencies. Take measures to safeguard your account using two-factor authentication, and make sure you are aware of all the costs and dangers associated. If you do, buying and selling bitcoin on Kraken should go well for you.
Trade Responsibly.